Complete news archive

  • Tobacco ratings withdrawn

    Fitch says that it is withdrawing any outstanding ratings on US tobacco ABS. The agency notes that its confidence in the current ratings have eroded as a result of a number of individual, customised modifications to calculations that were originally made in the Master Settlement Agreement (MSA).

    Fitch explains that it can no longer guarantee that its ratings are maintained for the tobacco .......

    News Round-up 17 May 2016

  • Securitisation teams to merge

    Schroders is set to take on Brookfield Investment Management's securitised products investment management team. The Brookfield team will combine with Schroders' existing ABS group in New York, which will oversee more than US$8bn in combined assets under management.

    The Brookfield team is led by md Michelle Russell-Dowe and will have access to Schroders' asset management platform, economists, research and risk .......

    Job Swaps 17 May 2016

  • SFR expenses weighed

    Actual net cashflow in single-family rental securitisations has been in line with expectations at new issuance. However, Morningstar Credit Ratings reports that the expense components have been hurt by higher-than-expected actual capital expenditures and helped by lower-than-expected vacancy.

    In a recent study of 17 single-borrower SFR transactions, the agency highlights that gross potential rent and other income make up revenue. .......

    News Round-up 17 May 2016

  • CMBS, CLO data tie-up confirmed

    Trepp has purchased CLO data and cashflow analytics firm Codean. The UK-based firm has a US and European CLO deal library, which will be combined with Trepp's CMBS database to enable investors to perform deep analysis across two complementary asset classes.

    Codean's CLO analytics platform will become part of the Trepp solution suite. It is able to evaluate each tranche, .......

    Job Swaps 17 May 2016

  • Freddie debuts latest risk transfer offering

    Freddie Mac has a new way to transfer multifamily mortgage credit risk. It has now settled its first offering of Freddie Mac Multifamily Structured Credit Risk (SCR) Notes.

    The US$52m SCR Notes Series 2016-MDN1 deal transfers a portion of the credit risk on certain multifamily mortgage loans backing targeted affordable rental housing tax-exempt bonds guaranteed by the GSE. While the .......

    News Round-up 17 May 2016

  • Euro secondary slumbers again

    Yesterday saw another sleepy start to the week for the European securitisation secondary market.

    After a flurry of activity on Friday, the public holiday in Europe yesterday saw the whole market revert to the quieter pattern seen at the start of last week. Indeed, with many investors absent a CLO equity BWIC was postponed until Wednesday and flows across the .......

    SCIWire 17 May 2016

  • Call for clarity

    Valuation uncertainty adds to liquidity debate

    Banks' diminished market-making capacities and shrinking inventories are taking their toll on liquidity, particularly in the ABS and structured credit markets. However, a lack of clarity over valuations may also have a role to play in the liquidity debate.

    "Ultimately what the industry has to figure out - both for the good of the buy- and sell-side - is to .......

    News Analysis 16 May 2016

  • FNMA NPLs scooped up

    Goldman Sachs is the latest winning bidder in Fannie Mae's ongoing process of selling off NPLs. The latest auction, the fifth to be held by the GSE, will see 7,900 loans worth US$1.48bn sold to the bank across four pools.

    The loans were marketed from 12 April, with Fannie Mae assisted by Bank of America Merrill Lynch, First Financial Network and CastleOak Securities. .......

    News Round-up 16 May 2016

  • SCI Start the Week - 16 May

    A look at the major activity in structured finance over the past seven days

    Pipeline
    While ABS additions to the pipeline were steady last week, they were joined by a greater variety of deals than had been the case in the week prior. Additions consisted of eight ABS, two ILS, four RMBS, six CMBS and a CLO.

    The ABS were: C$400m BMW Canada Auto Trust 2016-1; US$1bn Drive Auto Receivables Trust 2016-B; £340m .......

    News 16 May 2016

  • LCR disclosure consultation opens

    The EBA has launched a consultation on its proposed guidelines for the liquidity coverage ratio (LCR) disclosure. The proposals are the latest by the regulator to set out harmonisation standards and also specify both the qualitative and quantitative disclosure requirements for institutions.

    The guidelines, which are being developed under the EBA's own initiative, set out uniform tools for the liquidity .......

    News Round-up 16 May 2016

  • Everglades loss risk up slightly

    S&P has affirmed its double-B rating on Everglades Re II Series 2015-1. The probability of attachment and expected loss increased slightly for the risk period beginning 1 June 2016, but remains well within the permitted range.

    The ILS transaction's documents allow for a variable reset so long as the expected loss ranges between 1.21% and 1.41%. The initial attachment probability .......

    News Round-up 16 May 2016

  • Class-action proposal scrutinised

    The Consumer Financial Protection Bureau has released a proposal to end the use of clauses in US financial-product contracts that prevent consumers from taking part in class-action lawsuits. Moody's suggests that the rule would create new risks for financial services companies and US ABS tied to consumer loans.

    "The fact that the proposed rule would not affect contracts outstanding before .......

    News Round-up 16 May 2016

  • Faxtor CDOs transferred

    Dock Street Capital Management has replaced IMC Asset Management as collateral manager for a pair of ABS CDOs - Faxtor ABS 2003-1 and 2004-1. Moody's has determined that the move will not affect its ratings of the notes. The collateral manager resigned from its duties on 31 December 2015 and the issuer subsequently appointed Dock Street as successor on 15 .......

    Job Swaps 16 May 2016

  • PREPA deadline passes

    PREPA last week announced that it is continuing 'productive discussions' with its creditors after the Thursday deadline passed without a renewal of terms regarding its bond purchase agreement. The news follows an offer that was set out by the PREPA Bondholder Group to pre-fund the purchase price of the 2016 bonds from the utility (SCI 11 May).

    After the deadline passed, PREPA .......

    News Round-up 16 May 2016

  • Delinquencies inch up

    US CMBS delinquencies last month rose to 2.92% from 2.90% a month earlier, according to Fitch, marking the first increase in its index for the sector since June 2015. The dollar balance of late-pays increased by US$118m to US$11.05bn from US$10.93bn in March, while new delinquencies of US$494m exceeded resolutions of US$353m. Fitch-rated new issuance volume of US$6.8bn in March .......

    News Round-up 16 May 2016

  • Countrywide partial judgement approved

    The severance order and partial final judgement for 512 of the 530 trusts subject to the US$8.5bn Countrywide RMBS settlement has been approved (SCI 12 May). The severance order provides for the pay-out for the 512 initial release trusts to be resolved, while proceedings on the 18 remaining trusts continue, according to Wells Fargo RMBS analysts. The partial final judgement .......

    Job Swaps 16 May 2016

  • Hedge fund taps credit head

    Muddy Waters Capital has brought in Terrence Ing as head of credit. In this role, he will seek opportunities in the corporate credit market, including investment grade credits that could re-rate to high yield.

    Ing will also assist the firm with his expertise in derivatives and various securities across the capital structure. Prior to joining, he served as a portfolio manager and .......

    Job Swaps 16 May 2016

  • CLO pro moves on

    Nathan Abegg has joined KPMG as partner in its securitisation practice. He arrives from Deloitte & Touche, where he specialised in CLOs as a director for the firm. Abegg will be based in New York in his new role.   

    .......

    Job Swaps 16 May 2016

  • Freddie offers new NPL batch

    Freddie Mac has put up for auction a further US$135m of NPLs. The loans are serviced by JPMorgan and are the second batch offered by the GSE this year.

    Bids are invited on the loans by 25 May, with any sales expected to settle in 3Q16. The NPLs are offered as one pool of whole loans. Credit Suisse and First Financial Network joined .......

    News Round-up 13 May 2016

  • Euro defaults, delinquencies drop

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe decreased to 8.1% from 10.3% at end-April. Overall, the senior loan delinquency rate decreased to 43.7% from 45.3% last month.

    The delinquency rate for continental European senior loans decreased to 56.9% from 58.4%. The rate for UK loans decreased to 19.0% from 20.3%.

    .......

    News Round-up 13 May 2016

  • Court rejects class X claims

    A second judgment in less than a month has gone against CMBS class X noteholders. Last month, a judge ruled against the class X noteholders in Windermere VII, dismissing the plaintiffs' arguments (SCI 11 April), while the latest case concerned four transactions in the Titan series, including Titan Europe 2006-1.

    The Titan case focused in particular on the interpretation of .......

    News 13 May 2016
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